While my free cash flow could be described as substantial, I have money market accounts to hold reserves for unexpected expenses and events like the one we are currently experiencing.Respectfully,Gary

Hi all,My question to all of you who have made the jump from corporate jobs to investing full time:- EXCLUDING money, what were the biggest / most unexpected challenges you faced?

One unexpected expense or a longer-than-anticipated vacancy could wipe out any profits and put you in the red.

He listed it at $48.9k. https://www.zillow.com/homedetails/230-Maplewood-A...I think it was a combination of reasons: underestimating rehab which led to overestimating ARV (if he had done everything he wanted to do to the property, he could have sold it for around $55, but too many unexpected costs came up), he didn't know guidelines like the 70% rule (or, as Will Barnard suggested for homes with an ARV under $100k in podcast 32, the 60-65% rule), he overpaid for the home (he bought it off a friend who was behind on the taxes; if he had waited, he could have gotten it at foreclosure price), and I'm sure we'll identify more. 

Based on what you said about your bills and such, you may just want to try to save up some extra cash for a while to be able to better handle the unexpected.

“This is the worst crash that we have experienced, now even in comparison to the Great Depression, partly because it came so quickly and cut so deeply into our economy.”Wolf noted that before the pandemic, which led to massive unemployment and economic decline, half of Americans were not prepared to handle an unexpected $1,000 expense.

The transaction went very smooth and I'm beyond delighted with the work of the developer. 

@Supada L.Yes, burdensome unexpected costs are part of REI, but I'm curious about the inspection reports dating from last year that you mentioned. 

Ask what did they find that was unexpected and if any item was a budget buster.

This post isn't about how to deal with XYZ, I guess it’s more of a post about preparing yourself for unexpected problems to come up, because they will… all the time.